Wigwam is the best IoTeX blockchain crypto wallet

IoTeX Blockchain Review

IoTeX blockchain is a network designed for the builders of Decentralized Physical Infrastructure Networks (DePIN) to create and manage infrastructures, such as solar-powered home batteries and WiFi hotspots. It combines fast, secure blockchain with smart devices and the Internet of Things (IoT) to enable human and machine interactions with privacy, and trust.

In 2017, IoTeX blockchain started as an open-source project to create a decentralized ecosystem for people and machines to interact seamlessly with integrity. In 2019, a global team of 40+ engineers launched the IoTeX blockchain to address security and privacy concerns in traditional IoT systems. It provided a secure environment for IoT devices to interact and equipped users and developers with advanced tools to extract more value from their data and devices.

Key milestones

In 2019, the IoTeX blockchain launched its official mainnet as the foundation of the Internet of Trusted Things. This ensured end-to-end trust across the entire information life cycle, including storage, transport, utilization, and collection. It supported data and assets sharing by various “things”, including machines, humans, dApps, and businesses. Three years later, the network had processed 600+ verified smart contracts, 21,000,000+ blocks, 55,000,000+ transactions, and was secured by 85 Delegates.

In 2023, the IoTeX network delegates  reached 103 and it processed 111M+ transactions. During this time, the blockchain harnessed the potential of DePIN, introducing products such as DePINscan, an explorer for projects to create profile pages and share real-time network-level statistics, such as the location and number of their global nodes. Introducing DePIN Liquidity Hub that same year fostered growth and collaboration among projects and provided instant access to targeted markets and a large active user base.

What consensus algorithm does IoTeX blockchain use?

IoTeX uses the Roll-Delegated Proof of Stake (Roll-DPoS) consensus mechanism to enhance speed and scalability for the seamless integration of IoT devices. In this mechanism, stakeholders vote to elect over 100 delegates (block producers) on the network. They verify transactions and add new blocks to the blockchain and receive rewards in IOTX tokens for their contributions. 

To qualify as a delegate on the network, users need to register a Profile Account to create an identity on the chain, and self-stake a minimum of 1,200,000 IOTX tokens. Once eligible, the profile account must accumulate at least 2,000,000 total votes to qualify. Roll-DPoS randomly chooses 24 out of the top 36 community-voted Delegates to mine every hour. This enhances the security and decentralization of the IoTeX Network without compromising performance.

How IoTeX Technically solved problems with scalability and decentralization?

The IoTeX blockchain successfully addressed scalability, speed, and decentralization challenges using the Roll-Delegated Proof of Stake (Roll-DPoS) consensus mechanism. Delegates play a crucial role in producing blocks and verifying transactions, enabling efficient processing of large transaction volumes, ensuring high transactional throughput. 

The Roll-DPoS algorithm's unique architecture allows the community to actively participate in voting for delegates and governance proposals, such as software and parameter upgrades, new events, marketing, and product initiatives, promoting decentralization within the network.

DeFi Ecosystem on IoTeX

Explore the IoTeX DeFi ecosystem with dApps like Mimo and Filda, among others. Mimo, a cross-chain decentralized exchange (DEX), enhances trading with its focus on speed and low transaction costs.  Filda is a digital asset lending and borrowing platform, allowing users to leverage their assets for various market strategies, including long or short positions. 

IoTex NFT Marketplace

The IoTex NFT ecosystem provides platforms dedicated to the creation, buying, and selling of digital artworks and IoTeX Punks and SOTA Finance are noteworthy examples. IoTeX Punks offers a collection of 10,000 unique digital assets in the form of artistic pixels, while SOTA Finance facilitates the seamless creation and transaction of Limited Digital Content Editions, providing secure blockchain-backed access to a broad user base.

Tokenomics of the IOTX token and Gas Usage on IoTeX

The IOTX token use cases are as follows:

1. Transaction Fees: IOTX holders use the coin to pay transaction fees, register devices, access Dapps, and interact with the network.
2. Native dApp Development: Developers use the IOTX token to create innovative dApps, power smart contracts, and generate new tokens on the IoTeX multi-chain platform.
3. Staking: IOTX token holders can stake their tokens to engage in network consensus and earn IOTX rewards derived from gas fees and re-distributed to network participants. Users need a minimum of 100 IOTX to stake and get rewards up to 11%APY, 20 IOTX bonus, and exclusive NFTs.
4. Governance: Through staking, IOTX token holders actively partake in ecosystem decision-making processes and network governance by voting on delegates, software and parameter upgrades, new events, marketing, and product initiatives.

Conclusion

IoTeX is an EMV-compatible blockchain for developers to create dApps, NFTs, and tokens with low gas fees and 5-second block time with instant finality. This scalable network lays the foundation for powering the decentralized machine economy of the future.